According to Sonder's investment thesis, which assets in Asia might yield better expected returns?

Sonder's investment thesis focuses on identifying asset classes that can drive the best expected returns, particularly in the context of emerging market trends and shifts in consumer behavior. Housing and data center assets align well with current market dynamics for several reasons.

Firstly, housing tends to offer consistent demand as urbanization increases and populations grow. In many Asian markets, the rapid move toward urban living has created a strong need for residential properties, particularly affordable housing that caters to a rising middle class. This ongoing demand supports stable rental income and potential appreciation over time.

Secondly, data center assets are increasingly crucial due to the digital transformation occurring globally. As cloud computing, e-commerce, and internet usage continue to grow, the requisite infrastructure for data storage and processing becomes vital. Regions in Asia are witnessing significant investments in technology and digital services, further boosting the need for data centers. This sector is less susceptible to economic cycles compared to traditional real estate assets, providing an attractive risk-adjusted return profile.

In contrast, while other asset classes such as retail and commercial spaces, hospitality, and educational facilities can also be valuable, they often face greater volatility and changing consumer preferences. For instance, retail spaces have been significantly impacted by the rise of e-commerce, and hospitality can be sensitive to economic